Corus Entertainment Receives Toronto Stock Exchange Approval For Normal Course Issuer Bid Renewal
TORONTO, June 20, 2012 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) today announced that the Toronto Stock Exchange ("TSX") has accepted the notice filed by Corus of its intention to renew its Normal Course Issuer Bid ("NCIB") for its Class B Non-Voting Participating Shares ("Class B Shares") through the facilities of the TSX, or any other alternative Canadian trading system.
Pursuant to the terms of its NCIB, Corus may, during the 12-month period commencing June 22, 2012 and ending June 21, 2013, purchase for cancellation up to a total of 4 million Class B Shares, which represent approximately 5% of the Issued and Outstanding Class B Shares as at June 14, 2012. Daily purchases will be limited to 39,681 Class B Shares, other than block purchase exceptions. The price that Corus will pay for Class B Shares purchased pursuant to its NCIB will be the market price at the time of acquisition.
Corus believes that its Class B Shares have been trading in a price range which may not fully reflect the value of these shares. As a result, the Company believes that its outstanding Class B Shares represent an attractive investment to Corus.
During the inclusive period of June 16, 2011 to June 15, 2012, Corus purchased 377,400 of its outstanding Class B Shares of which 119,800 Class B Shares at a weighted average price of $20.14 were purchased through the facilities of the TSX and 257,600 Class B Shares at a weighted average price of $20.11 were purchased through alternative Canadian trading systems.
As at June 14, 2012, there were 80,551,603 Class B Shares outstanding.
Corus Entertainment Inc. reports in Canadian dollars.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), ABC Spark, W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press and radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.For further information:
Tom Peddie, FCA
Executive Vice President and Chief Financial Officer
Corus Entertainment Inc.